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Muddling Through : Noisy Equilibrium Section

Author

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  • Binmore, K.
  • samuelson, L.

Abstract

We examine an evolutionary model in which the primary source of "noise" that moves the model between equilibria is not random, arbitrarily improbable mutations but mistakes in learning. We find conditions under which the payoff-dominant equilibrium in a 2x2 game is selected by the model as well as conditions under which the risk-dominant equlibrium is selected. The relevant risk-dominance considerations, however, arise not in the original game but in a "fitness game" derived from the process by which payoffs in the original game are translated into evolutionary fitnesses. We also find that waiting times until the limiting distribution is reached can be shorter than in a mutation-driven model. To explore the robustness of the results to the specification of the model, we present a number of comparative static results as well as a "two-tiered" evolutionary model in which the rules by which agents learn to play the game are themselves subject to evolutionary pressure.
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Suggested Citation

  • Binmore, K. & samuelson, L., 1996. "Muddling Through : Noisy Equilibrium Section," Working papers 9410r, Wisconsin Madison - Social Systems.
    • Handle: RePEc:att:wimass:9410r
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    2. Robson, Arthur J. & Vega-Redondo, Fernando, 1996. "Efficient Equilibrium Selection in Evolutionary Games with Random Matching," Journal of Economic Theory, Elsevier, vol. 70(1), pages 65-92, July.
    3. Dieckmann, Tone, 1999. "The evolution of conventions with mobile players," Journal of Economic Behavior & Organization, Elsevier, vol. 38(1), pages 93-111, January.
    4. Maruta, Toshimasa, 1997. "On the Relationship between Risk-Dominance and Stochastic Stability," Games and Economic Behavior, Elsevier, vol. 19(2), pages 221-234, May.
    5. Kirchkamp, Oliver, 1999. "Simultaneous evolution of learning rules and strategies," Journal of Economic Behavior & Organization, Elsevier, vol. 40(3), pages 295-312, November.
    6. Angelo Antoci & Pier Sacco, 1995. "A public contracting evolutionary game with corruption," Journal of Economics, Springer, vol. 61(2), pages 89-122, June.
    7. Hopkins, Ed, 1999. "Learning, Matching, and Aggregation," Games and Economic Behavior, Elsevier, vol. 26(1), pages 79-110, January.
    8. Tone Dieckmann, 1997. "The Evolution of conventions with Mobile Players," Economics Department Working Paper Series n720897, Department of Economics, National University of Ireland - Maynooth.
    9. Jonathan Bendor & Piotr Swistak, 1998. "Evolutionary Equilibria: Characterization Theorems and Their Implications," Theory and Decision, Springer, vol. 45(2), pages 99-159, October.

    More about this item

    Keywords

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    JEL classification:

    • C7 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory
    • D8 - Microeconomics - - Information, Knowledge, and Uncertainty

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